This scenario stunned the vast majority of specialists. It should be said that in less than 72 hours the FTX empire —valued at 32,000 million dollars (mdd)— disappeared, leaving a hole of 8,000 million and more than a million victims, including investment funds, others exchangesplatforms of lending (loans granted by users to others) and hundreds of thousands of individual investors who failed to withdraw their holdings in time.
But the story does not end. As revealed on Monday, November 21, the firm owes more than $3 billion to its top 50 creditors, a situation that makes Sam Bankman-Fried, founder and chief strategist of FTX, fade day by day amid the biggest crisis your company has ever had.
Although the bankruptcy investigation has just begun, everything indicates that there was embezzlement. And it is that up to now everything points to the fact that FTX is a great multi-million dollar scam, with alleged hacks and diversion of funds. Faced with this scenario, many experts argue that the affected platform users will most likely never get their money back, given that —unlike what happens in traditional banking— the deposits were not guaranteed and it is not clear how much money could be left over to pay them off when the company is liquidated.
Now, how does this situation translate into the world of crypto assets? Simply put, it undermines consumer confidence and faith in the correct and ethical handling of digital asset finances.
It can be pointed out that confidence is the strongest indicator of all demand. At this time the blow has been strong, so today the vast majority of cryptocurrencies are suffering from a lack of confidence. However, there is still a strong community of technology enthusiasts, investors and evangelists. blockchain that, despite the downturns suffered this year, remain firm in their position: the evolution of the world financial system.